The extent of the ‘boom’ on the Stock Market — fuelled by confidence in the improvement in the rate of inflation figures and a strengthening pound — in the five weeks to August 11 came as a surprise to many. Despite the widespread gains in most sectors, the prospect of a sustained drive forward into new high‐ground from the FT 30‐Share Index was considered unlikely — and certainly the forward momentum was substantially checked by the announcement of the disappointing balance of payment figures for July.
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